New York Markets After Hours

U.S. stocks rally; Dow at record on deals, data

NickGodt

NEW YORK (MarketWatch) -- U.S. stocks rallied on Wednesday, lifting the Dow Jones Industrial Average to record highs, thanks to deal speculation in the media sector, stronger-than-expected factory data, and Time Warner Inc.'s earnings report. The Dow Jones Industrial Average was up 75 points at 13,112, as 25 of its 30 components advanced. Among blue chips, Citigroup Inc.
C, +0.14%
rose 0.2% after saying it will buy financial services outsourcing company Bisys Group
BSG, -7.95%
for $1.45 billion in cash. The S&P 500 index
SPX, +0.01%
rose 9 points to 1,495, after earlier flirting with the key 1,500 level. The Nasdaq Composite
COMP, +0.15%
jumped 26 points to 2,557. In deal news, News Corp.'s
NWS, -1.47%
$5 billion bid for Dow Jones & Co.
dj
on Tuesday was followed by news that Cablevision Systems
CVC, -0.47%
has agreed to be taken private by the founding Dolan family in a deal worth $10.5 billion.

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